Economic Highlights for the Week of November 25, 2019

Information & Updates

Economic Highlights for the Week of November 25, 2019

A weekly update of Economic Highlights.

Economic Dashboard Indicators Updated This Week

WCS OIL PRICE

Oct 2019

$41.96($US/bbl)

2.0% y/y

Analysis

The West Texas Intermediate (WTI) price of oil, often a world reference price quoted in the media, averaged US$53.96 a barrel in October 2019, 23.7% lower than it was a year earlier. Western Canada Select (WCS), the price obtained for many Alberta producers of oil, averaged US$41.96 a barrel in October 2019, 2.0% higher than it was a year earlier. The differential of WTI over WCS was US$12.00 in October 2019.
 
Alberta

OIL PRODUCTION

Oct 2019

17.0M(m3)

-5.6% y/y

Analysis

Oil production in Alberta was 17.05 million cubic metres in October 2019, down 5.6% compared to October 2018. Non-conventional (or oil sands) production, which constituted 83.6% of all oil production in Alberta in October 2019, decreased by 5.4% year-over-year, while production of conventional oil was down 6.4% over the same time frame.
 
Alberta
By Type of Oil

AVG WEEKLY EARNINGS

Sep 2019

$1,180

4.0% y/y

Analysis

In September 2019, average weekly earnings in Alberta were $1,180, a 4.0% increase from September 2018. Alberta's September average wage was the highest in the country and the highest in Alberta's history. Nationally, average weekly earnings were $1,038 in September 2019, up 4.3% from the same period in 2018.
 
Alberta
By Province

JOB VACANCIES

Aug 2019

35,800

-11.2% y/y

Analysis

In August 2019, the number of job vacancies in Alberta decreased by 11.2% from August 2018 to 35,800 vacancies. Over the same time frame, Canadian vacancies increased by 3.4% to 372,900.
 
Alberta
By Province

WELLS DRILLED

Sep 2019

364

-23.4% y/y

Analysis

The number of exploratory and development wells drilled in September 2019 decreased by 23.4% from the same period a year earlier, from 475 to 364 wells. Development oil wells, which made up 36.8% of wells drilled in September 2019, decreased by 30.6% year-over-year.
 
Alberta
By Type

FARM CASH RECEIPTS

Q3 2019

$3.7B

22.9% y/y

Analysis

Farm cash receipts increased by 22.9% to $3.66 billion in the third quarter of 2019 as compared to the same quarter last year. The national average for Q3 was an increase of 4.8%. Saskatchewan saw the largest decrease of any province (-12.0%), while Alberta had the largest increase (+22.9%). Alberta crop receipts increased 29.5%, while livestock receipts and direct payments increased 14.6% and 51.1% respectively.
 
Alberta
By Province
By Type

GRAIN DELIVERIES

Oct 2019

2.0M(tonnes)

41.7% y/y

Analysis

Grain deliveries in Alberta increased by 41.7% between October 2018 and October 2019, to 2.05 million tonnes. Canadian grain deliveries increased by 39.6% over the same period. In Alberta, non-durum wheat, which made up 48.0% of grain deliveries, increased by 66.1%, while canola, which made up 37.7% of grain deliveries, rose by 9.3%.
 
Alberta
By Province
By Crop

WHOLESALE TRADE

Sep 2019

$6.9B

0.4% y/y

Analysis

In September 2019, the value of Alberta wholesale sales increased by 0.4% to $6.85 billion compared to September 2018. Nationally, wholesale trade increased 4.0% over the same time period.
 
Alberta
By Province

Top Updates on Major Projects This Week

The Dorian Hotel - https://majorprojects.alberta.ca/details/The-Dorian-Hotel/3667
The project includes the construction of a 27 storey, 300 room hotel at 525 - 5 Street SW. The project known as the Dorian will be a 4-star hotel

Greenwich Commercial Development - https://majorprojects.alberta.ca/details/Greenwich-Commercial-Development/3028
A mixed-use development that will contain office, retail, and hospitality space. Office and retail space will contain approximately 395,000 square feet of space.

The project broke ground with the announcement of the Calgary Farmers’ Market West [Read More]

Silvera at Glamorgan - https://majorprojects.alberta.ca/details/Silvera-at-Glamorgan/2679
New mixed use development. Phase 1 of Silvera at Galmorgan call for the construction of a four storey above grade, 135 unit assisted living facility. Also to be included is an 8 storey, 150 unit residential development for seniors. Conceptual [Read More]

Contact

For questions about the Weekly Economic Highlights, please contact economiclink@gov.ab.ca